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Release-Date
Reference-Number
2024-033

The number of constructions from approved building permits in July 2024 reached 764. This indicates an annual decrease of -1.0 percent from the 772 total number of constructions in the same month of the previous year. The number of constructions in July 2023 rose at annual rate of 21.2 percent. (Table A)

By type of construction, residential buildings reported the highest number with 440 constructions or 57.6 percent of the total number of constructions during the month. This indicates an annual decrease of -10.6 percent from the same month of the previous year’s level of 492 constructions. Majority of the total residential constructions were single - type houses with 394 (89.5%). (Table A, Figure 1)

Meanwhile, non-residential type of constructions was the second highest in terms of number of constructions of 209 or 27.4 percent of the total number of constructions during the month. This type of construction increased during the period at an annual rate of 1.0 percent. Most of the non-residential constructions were commercial buildings with 144 (68.9%) (Figure 1).

Addition, which refers to any new construction that increases the height or area of an existing building, and alteration and repair of existing structures contributed 14.3 percent. Compared with their respective numbers in the same period of the previous year, addition-type of construction posted 36 number during the month while alteration and repair posted an annual increase of 102.8 percent (Table A).

Non -Residential buildings recorded the highest value of constructions

In July 2024, the total value of constructions amounted to PhP 1,571,110 million, reflecting an annual decrement of -44.3 percent from the PhP 2,819,633 million value of constructions posted in the same month of the previous year. (Table A, Figure 2)

Non-residential building constructions valued at PhP773,487 thousand accounted for 49.2 percent of the total value of constructions during the period. This indicates decrease of -58.7 percent from the PhP 1,873,768 million construction value of non-residential buildings recorded in the same month of 2023. Among non-residential constructions, commercial buildings had the highest value of constructions at PhP 373,855 thousand (48.3%). (Figure 2)

On the other hand, the construction value of residential buildings amounted to PhP661,928 million or 42.1 percent of the total construction value in July 2024. This reflects decrement of –24.6 percent from the PhP 877,746 thousand value of constructions of residential buildings reported in the same month of the previous year. 

In July 2024, the value of constructions for addition to, and alteration and repair to existing structures were recorded at PhP12,086 thousand (0.8%) and PhP 119,798 thousand (7.6%), respectively. Compared with their respective values in the same month of the previous year, alteration and repair posted an annual decrease of 102.8 percent from an annual growth rate of 1,525 percent.

Non-residential buildings more than half of the total floor area of constructions

The total floor area of constructions for this month was recorded at 142,491 thousand square meters. This corresponds to an annual decrease of -74.9 percent from the recorded 568,567 thousand square meters floor area in the same period of the previous year. (Table A, Figure3)

Non-residential constructions posted 82,389 thousand square meters or 57.8 percent of the total floor area of constructions this period. This reflects an annual decrement of -82.9 percent from the floor area of 481,940 thousand square meters in the same month of 2023.

Meanwhile, residential constructions recorded 58,530 thousand square meters or 41.1 percent of the total floor area of constructions in July 2024. It decreased at an annual rate of -31.8 percent from the previous year’s same month floor area of 85,797 thousand square meters. 

Residential buildings had the highest average cost of constructions

The average cost of construction in July 2024, excluding those for alteration and repair, and other non-residential was recorded at PhP10,075.27 per square meter. This was 107.7 percent higher than the average cost of PhP4,851.48 per square meter in 2023 (Table A).

By type of construction, residential buildings had the highest average cost of PhP 11,309.21 per square meter during the month. This was followed by non-residential constructions with PhP7,158.08 per square meter, and addition to existing constructions with PhP 18,974.98 per square meter.

Among residential constructions, duplex/quadruplex posted the highest average cost of PhP12,194.36 per square meter during the period, while apartment accessoria recorded the lowest average cost of PhP10,923.44 per square meter. (Figure 4A)

Across non- residential constructions, institutional building reported the highest average cost of PhP 12,050.86 per square meter. On the other hand, agricultural building registered the lowest average cost of PhP 4,108.46 per square meter. (Figure 4B) 


 

 

 

Reference Period
December 2024

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